SoTHERLY Hotels Inc. (NASDAQ:
SOHO) (the “Company”) announced today that the
Company has amended the original $30.0 million mortgage secured by its
Hilton Philadelphia Airport hotel (the “Hotel”) with its existing
lender, TD Bank, N.A. With the amendment, the loan’s principal amount is
increased to approximately $34.1 million and its maturity is extended
until April 1, 2019. The mortgage’s interest rate will remain equal to
the 30-day LIBOR rate plus 3.0%, with a 50 basis point floor on LIBOR.
The Company also announced that it has entered into a 10-year franchise
agreement with Hilton Worldwide and will convert the Hotel to the
DoubleTree by Hilton brand in November 2014, subject to the completion
of certain product improvement requirements.
About SoTHERLY
Hotels Inc.
SoTHERLY
Hotels Inc., formerly MHI Hospitality Corporation, is a self-managed
and self-administered lodging REIT focused on the acquisition,
renovation, upbranding and repositioning of upscale and upper upscale
full-service hotels in the Southern United States. Currently, the
Company’s portfolio
consists of investments in twelve hotel properties, eleven of which are
wholly-owned and comprise 2,698 rooms. The Company also has a 25.0
percent interest in the Crowne Plaza Hollywood Beach Resort. All of the
Company’s properties operate under the Hilton Worldwide,
InterContinental Hotels Group and Starwood Hotels and Resorts brands. SoTHERLY
Hotels Inc. was organized in 2004 and is headquartered in
Williamsburg, Virginia. For more information, please visit www.sotherlyhotels.com.
Copyright Business Wire 2014